28th Oct 2005 17:48
Genus PLC28 October 2005 For Immediate Release 28 October 2005 Genus plc Disposal of non core business Genus plc ('Genus') the world leading bovine genetics company is pleased toannounce that it has completed the disposal of its non core veterinarywholesaling business, Genusxpress Limited, for a total of £8.2m. The completed sale of the business itself realised £7.2m in cash. Following thistransaction Genus will realise a further £1m, approximately, from the sale ofnet assets not included in the sale of Genusxpress. For the year ended 31st March 2005 Genusxpress generated turnover ofapproximately £66m, and an operating profit of £0.4m. The business utilised netassets of £6.0m. Richard Wood, Chief Executive of Genus, commented: "We have moved quickly to divest this non-core asset to release cash for theexpansion of the bovine genetics business. This disposal will be earningsenhancing." Contact: Genus plcRichard Wood, Chief Executive Tel: 01256 347101David Timmins, Finance Director Tel: 01256 347102 Buchanan CommunicationsSuzanne Brocks Tel: 020 7466 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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